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Top Things that Can Go Wrong in Real Estate Sales
Article by Allison Schuetzle
Real estate sales are extremely complicated transactions which involves a great number of documentation and legal matters. Since there are much things called for to be done plus there are lots of points that can possibly not work out in a home sale.Lets sheck out the top possible things that can go wrong with a real estate sale.
On the buyer’s side:1. Whenever the buyer doesn’t tell the truth in the loan application. This also includes false information submitted to the lender, additional debt after loan application and income verification below what what has been stated in the loan application.
2. The buyer/borrower loses job as well as the co-borrower.
3. Illness, injury, divorce or other financial setback during escrow.
4. When interest rates increase and the buyer no longer qualifies within the range.
5. Borrower switches to job requiring probation period just before closing or perhaps change of income mode from salary to commission basis.
6. Where the buyer or co-borrower dies.
7. Also there have been some instances where the buyer made a satisfactory bid and backs out on the closing date, thus leaving the seller to start all over again to find potential buyers.
8. When the buyer put a holding fee for the property and after the inspection officer conduct a house investigation and discover that there is a big mistake with the house. The buyer can always back out from the deal.
On the Seller’s side:1. Not properly motivated to sell the house or property.In some cases, some sellers tend not to allow inspectors and appraiser to get in their house in a timely manner.
2. Not able to clear up liens against their property
3. Did not own 100% of property as previously disclosed.
4. Went out of town or country without leaving power of attorney to comeone he/she trusted.
5. Move-out date delays.
6. Wasn’t able to meet everything stated within the contract with regards to necessary home repair.
7. Seller’s home goes into foreclosure during escrow.
8. Discovery of unknown and hidden defects.
9. Builder miscalculates completion date of new home.
10. Wasn’t able to pass the house’s final inspection.
Real estate selling or buying carries out a lot of paper works and as well as lots of risks that’s why it’s best for every home seller and home buyer to focus on these obstacles which they may encounter on or in advance closing the deal. Knowing these things can certainly prepare the buyers and sellers of the possible precautions and techniques to minimize such difficulties to undertake the transaction smoothly.
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